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#2
posted to rec.boats
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IRA Required Minimum Distribution...
Boating All Out wrote:
In article , says... On Thu, 18 Jun 2015 07:04:57 -0700 (PDT), wrote: On Thursday, February 13, 2014 at 8:01:12 AM UTC-5, John H. wrote: ...calculation is very simple. Get the total value of your IRA's (not Roth) as of the end of the previous year, divide by a number provided in the IRS table, and that's your minimum distribution. Then give it to your kids as a Christmas present, minus the taxes you'll owe on it. Simple, huh? Or you could get involved in another hobby. Or buy some more guns, or maybe a motorcycle. So, all you youngsters have nothing to fear. Don't pay some CPA guy to do your taxes for you. Why can't the Gov't just stay the hell out of our lives? Are they worried we will die with all that money in an IRA and they won't get their taxes? Wouldn't an inheritance tax be bigger? What a total waste of time and effort on everyones part. IRA and 410k is a time bomb. They let you accumulate this money tax free but they are coming after it with a vengeance when you want to spend it. Currently they also tax 85% of your Social Security at ordinary income rates if you are not living in poverty so that old saw that your tax rate will be lower in retirement is simply bull****.,. Er..my tax rate is considerably lower since I retired. So it's not bull**** to me. What you just said, OTOH... When did you retire, Kevin? |
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#3
posted to rec.boats
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IRA Required Minimum Distribution...
In article ,
says... On Thu, 18 Jun 2015 11:47:13 -0500, Boating All Out wrote: In article , says... On Thu, 18 Jun 2015 07:04:57 -0700 (PDT), wrote: On Thursday, February 13, 2014 at 8:01:12 AM UTC-5, John H. wrote: ...calculation is very simple. Get the total value of your IRA's (not Roth) as of the end of the previous year, divide by a number provided in the IRS table, and that's your minimum distribution. Then give it to your kids as a Christmas present, minus the taxes you'll owe on it. Simple, huh? Or you could get involved in another hobby. Or buy some more guns, or maybe a motorcycle. So, all you youngsters have nothing to fear. Don't pay some CPA guy to do your taxes for you. Why can't the Gov't just stay the hell out of our lives? Are they worried we will die with all that money in an IRA and they won't get their taxes? Wouldn't an inheritance tax be bigger? What a total waste of time and effort on everyones part. IRA and 410k is a time bomb. They let you accumulate this money tax free but they are coming after it with a vengeance when you want to spend it. Currently they also tax 85% of your Social Security at ordinary income rates if you are not living in poverty so that old saw that your tax rate will be lower in retirement is simply bull****.,. Er..my tax rate is considerably lower since I retired. So it's not bull**** to me. What you just said, OTOH... I am making virtually the same money in retirement with my pension and SS as I was when I worked (20 years ago) and I haven't even started drawing down my 401k and other investments. So what? My income is about 36% of what is was when I was working. And I'm living comfortably without drawing on my IRA lately. But when I draw from it my tax rate is lower than when I was working. I agree the tax cuts may have made rates lower than when you retired but for how long? When Listen to the democrats, there is no reason to assume these lower tax rates will survive. Doubt they'll be be raising my taxes. I'm low income. |
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#4
posted to rec.boats
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IRA Required Minimum Distribution...
Boating All Out wrote:
In article , says... On Thu, 18 Jun 2015 11:47:13 -0500, Boating All Out wrote: In article , says... On Thu, 18 Jun 2015 07:04:57 -0700 (PDT), wrote: On Thursday, February 13, 2014 at 8:01:12 AM UTC-5, John H. wrote: ...calculation is very simple. Get the total value of your IRA's (not Roth) as of the end of the previous year, divide by a number provided in the IRS table, and that's your minimum distribution. Then give it to your kids as a Christmas present, minus the taxes you'll owe on it. Simple, huh? Or you could get involved in another hobby. Or buy some more guns, or maybe a motorcycle. So, all you youngsters have nothing to fear. Don't pay some CPA guy to do your taxes for you. Why can't the Gov't just stay the hell out of our lives? Are they worried we will die with all that money in an IRA and they won't get their taxes? Wouldn't an inheritance tax be bigger? What a total waste of time and effort on everyones part. IRA and 410k is a time bomb. They let you accumulate this money tax free but they are coming after it with a vengeance when you want to spend it. Currently they also tax 85% of your Social Security at ordinary income rates if you are not living in poverty so that old saw that your tax rate will be lower in retirement is simply bull****.,. Er..my tax rate is considerably lower since I retired. So it's not bull**** to me. What you just said, OTOH... I am making virtually the same money in retirement with my pension and SS as I was when I worked (20 years ago) and I haven't even started drawing down my 401k and other investments. So what? My income is about 36% of what is was when I was working. And I'm living comfortably without drawing on my IRA lately. But when I draw from it my tax rate is lower than when I was working. I agree the tax cuts may have made rates lower than when you retired but for how long? When Listen to the democrats, there is no reason to assume these lower tax rates will survive. Doubt they'll be be raising my taxes. I'm low income. You should have saved more and invested better. Less borrowing for boats and cars. |
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#5
posted to rec.boats
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IRA Required Minimum Distribution...
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#6
posted to rec.boats
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IRA Required Minimum Distribution...
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#7
posted to rec.boats
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IRA Required Minimum Distribution...
wrote:
On Thu, 18 Jun 2015 11:47:13 -0500, Boating All Out wrote: In article , says... On Thu, 18 Jun 2015 07:04:57 -0700 (PDT), wrote: On Thursday, February 13, 2014 at 8:01:12 AM UTC-5, John H. wrote: ...calculation is very simple. Get the total value of your IRA's (not Roth) as of the end of the previous year, divide by a number provided in the IRS table, and that's your minimum distribution. Then give it to your kids as a Christmas present, minus the taxes you'll owe on it. Simple, huh? Or you could get involved in another hobby. Or buy some more guns, or maybe a motorcycle. So, all you youngsters have nothing to fear. Don't pay some CPA guy to do your taxes for you. Why can't the Gov't just stay the hell out of our lives? Are they worried we will die with all that money in an IRA and they won't get their taxes? Wouldn't an inheritance tax be bigger? What a total waste of time and effort on everyones part. IRA and 410k is a time bomb. They let you accumulate this money tax free but they are coming after it with a vengeance when you want to spend it. Currently they also tax 85% of your Social Security at ordinary income rates if you are not living in poverty so that old saw that your tax rate will be lower in retirement is simply bull****.,. Er..my tax rate is considerably lower since I retired. So it's not bull**** to me. What you just said, OTOH... I am making virtually the same money in retirement with my pension and SS as I was when I worked (20 years ago) and I haven't even started drawing down my 401k and other investments. I agree the tax cuts may have made rates lower than when you retired but for how long? When Listen to the democrats, there is no reason to assume these lower tax rates will survive. I have a higher income than when I retired. I am in to the RMD of my retirement accounts. When you figure the tax on dividends, it is an atrocious rate. I pay 20% now because the Dem's figured I needed to pay more. But that money was already taxed at 39% corporate rate. So basically, near 55% rate. Would be 59% but dividend was lowered because of that corporate tax payment. |
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#8
posted to rec.boats
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IRA Required Minimum Distribution...
wrote:
On Fri, 19 Jun 2015 01:58:04 -0500, Califbill wrote: wrote: On Thu, 18 Jun 2015 11:47:13 -0500, Boating All Out wrote: In article , says... On Thu, 18 Jun 2015 07:04:57 -0700 (PDT), wrote: On Thursday, February 13, 2014 at 8:01:12 AM UTC-5, John H. wrote: ...calculation is very simple. Get the total value of your IRA's (not Roth) as of the end of the previous year, divide by a number provided in the IRS table, and that's your minimum distribution. Then give it to your kids as a Christmas present, minus the taxes you'll owe on it. Simple, huh? Or you could get involved in another hobby. Or buy some more guns, or maybe a motorcycle. So, all you youngsters have nothing to fear. Don't pay some CPA guy to do your taxes for you. Why can't the Gov't just stay the hell out of our lives? Are they worried we will die with all that money in an IRA and they won't get their taxes? Wouldn't an inheritance tax be bigger? What a total waste of time and effort on everyones part. IRA and 410k is a time bomb. They let you accumulate this money tax free but they are coming after it with a vengeance when you want to spend it. Currently they also tax 85% of your Social Security at ordinary income rates if you are not living in poverty so that old saw that your tax rate will be lower in retirement is simply bull****.,. Er..my tax rate is considerably lower since I retired. So it's not bull**** to me. What you just said, OTOH... I am making virtually the same money in retirement with my pension and SS as I was when I worked (20 years ago) and I haven't even started drawing down my 401k and other investments. I agree the tax cuts may have made rates lower than when you retired but for how long? When Listen to the democrats, there is no reason to assume these lower tax rates will survive. I have a higher income than when I retired. I am in to the RMD of my retirement accounts. When you figure the tax on dividends, it is an atrocious rate. I pay 20% now because the Dem's figured I needed to pay more. But that money was already taxed at 39% corporate rate. So basically, near 55% rate. Would be 59% but dividend was lowered because of that corporate tax payment. Qualified dividends should be 15%. It is hard to figure that out for most people because it is buried in the schedule D work sheet that is unnecessarily cumbersome ... like the SS work sheet. On the SS sheet, they might as well say "are you poor enough to eat cat food? No, then add 85% of your SS to taxable income" I was thinking the qualified dividends were same as long term Capitol gains now. Tax program figures out the correct amount. Only one I have problem with is LINN K1. Bill |
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#9
posted to rec.boats
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IRA Required Minimum Distribution...
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